2022/23 Insurance Renewals
September 6, 2022
increase or 20% from prior year. The City’s self-insured retention is $1,000,000 for safety employees and $750,000 for all other employees.
FISCAL REVIEW:
The current adopted budget includes sufficient funding to support these premiums:
Type of Insurance FY 21/22 Premium FY 22/23 Premium Difference General Liability $515,714 $651,196 $135,482
Property $65,641 $73,603 $7,962
DIC - Earthquake $158,902 $113,059 ($45,843)
Cyber $5,530 $11,100 $5,570
Pollution $22,620 $17,396 ($5,224)
Crime $6,182 $6,050 ($132)
Worker’s Comp $209,889 $251,291 $41,402
Total $1,123,695 $139,217
All premiums will be expensed to various accounts within the City’s Self Insurance Fund 114.
PUBLIC NOTIFICATION:
Not applicable.
ENVIRONMENTAL IMPACT REVIEW:
Not applicable.
ATTORNEY REVIEW:
The premiums were reviewed and approved by the Attorney for the City.
ALTERNATIVES:
Alternative No. 1: Approve the purchase of insurance policies for general liability, workers’ compensation, all-risk property, earthquake, pollution, cyber and crime coverage, as outlined in this report, for the period of July 1, 2022 to June 30, 2023, for a total amount not to exceed $1,123,695.
Alternative No. 2: Do not approve as presented and provide direction to staff.
RECOMMENDATION:
Staff is requesting City Council approval of Alternative No.1 Prepared and fiscal review by: Sherry Johnson, Interim Finance Director Approved by: Maggie Le, City Manager